A crypto-financial services provider details the catalysts that could spark a rally for Bitcoin (BTC) and push it to six figures sometime in 2024.
In a new report titled “The Sustainability of Bitcoin’s Bull Market in 2024,” says Matrixport contours how the most important crypto asset by market cap could soar to a price tag of $125,000 next year.
According to the report, the crypto king’s upcoming halving will serve as a catalyst for a bull run. The BTC halving event, which will halve miner rewards, is scheduled for April 2024.
Matrixport also says that the Federal Reserve’s reversal on its tight monetary policy and lowering interest rates should also help push BTC to new all-time highs.
“Given expectations for the continuation of this bull market, we reaffirm our projections of $63,140 by April 2024 and $125,000 by the end of that year…
Historically, the years when Bitcoin mining rewards were halved have generally been bullish: 2012 (+186%), 2016 (+126%), and 2020 (+297%). As miners tended to hoard Bitcoins before each halving, prices rose by +200%, which would predict Bitcoin reaching a value of $125,000.
Based on our inflation model, the macro environment is expected to remain a robust tailwind for crypto. Another decline in inflation is expected, which will likely prompt the Federal Reserve to cut interest rates. Combined with geopolitical cross-currents, this healthy dose of monetary support should push Bitcoin to new highs in 2024.”
Bitcoin is trading at 39,412 at the time of writing, up 1.58% in the past day.
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